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A planned deal to redevelop the long-vacant French Quarter Suites Hotel near Overton Square is nearing a critical deadline.

Austin, Texas-based ASC Management has until Oct. 31 to close on the purchase of the 105-room inn at the northeast corner of Madison Avenue and Cooper Street but has not yet done so, according to one of the property’s current owners.

A planned deal to redevelop the long-vacant French Quarter Suites Hotel near Overton Square is nearing a critical deadline.

Austin, Texas-based ASC Management has until Oct. 31 to close on the purchase of the 105-room inn at the northeast corner of Madison and Cooper Avenues but has not yet done so, according to one of the property’s current owners.

The blue banner that hung until recently at the curved building at Cooper Street and Madison Avenue and read “Returning in 2012” will soon ring true for Overton Square and its developer, Loeb Properties Inc.

On Thanksgiving Eve, we drove to the airport to pick up my stepson, one of whose flights had been delayed, so it was after 10 by the time he emerged from baggage claim. All being hungry, I drove to Cooper-Young, thinking we could easily get in at the recently opened Alchemy at 10:30.

Howard Stovall and Mike Brocato, managing partners at Resource Entertainment Group, said they never imagined they would need to become legal specialists to work in the entertainment industry.

But they have spent the past couple of weeks doing just that. The entertainment services company, which just moved into its new office at 153 Monroe Ave. next to the Cadre building Downtown, recently signed a new client that required the company’s executives to learn about tort law and sovereign immunity among other things.

One indicator of how successful the Center City Commission (CCC) has been in its 30-year run as the prime driver of growth in Downtown Memphis is a hefty price tag.

That price tag is $395,058, which represents the average price per acre of vacant land that was sold in Downtown's 38103 ZIP code from March 2006 through February 2007, according to real estate information company Chandler Reports, www.chandlerreports.com. During the same period one year earlier, the average price was $293,744. A year before that, an acre of vacant land went for an average price of $148,466.

10. Downtown Hotel FinancedFor $8.4 Million - Thursday, March 30, 2006Moody National Memphis RI S LLC and Moody National Memphis RI H LLC have financed the Residence Inn at 110 Monroe Ave. through Mortgage Electronic Registration Systems Inc. for $8.4 million. The 89-unit hotel was built in 1930. It is owned by Memphis